Advanced Refractive Announces Regulatory Compliance
SAN CLEMENTE, Calif., Aug. 3, 2006 (PRIMEZONE) -- Advanced Refractive Technologies, Inc. (ART) (Pink Sheets:ARFR) announced today that it is now current with the its periodic filing obligations with the Securities and Exchange Commission, having filed its 10-KSB for 2005 and its 10-QSB for the 1st quarter of 2006. The Company has entered the final stages of re-listing its Common Stock on the Nasdaq OTCBB.
ART filed its 10K-SB for the year ending December 31, 2005 on July 18, 2006 and its 10Q-SB for the 1st quarter of 2006 on July 26, 2006. The Company is intent in remaining current and expects to complete and file its 10-QSB for the 2nd Quarter of 2006 by the required date of August 15, 2006.
"These two filings were delayed by accounting issues associated with the complexity surrounding the closure of a subsidiary business during 2005. The last few months of 2005 and the first half of 2006 have been dedicated to executing a strategic realignment to exit a very competitive area of the ophthalmic market and to reenter that very same market with truly revolutionary and potentially innovative device and drug offerings, that will address several vexing and troubling chronic eye ailments," stated Randy Bailey, CEO and President of ART.
"ART was delisted from the OTCBB solely due to its failure to file our year end 10K-SB in a timely manner and further compounded by the late filing of the 1st Quarter 2006 10Q-SB," explained Larry Schreiber, COO of ART. "There were no other regulatory issues that would cause our stock to be ineligible for quotation on the OTCBB, so we fully expect to regain listing on the OTCBB in short order. The importance of having successfully negotiated this difficult transition period cannot be overstated, namely, all of our collective time and effort can now be fully dedicated to implementing a strategic plan which holds great promise not only for shareholders of ART, but most importantly for many millions of people around the world who are affected with chronic eye disease," he remarked.
About Advanced Refractive Technologies, Inc.
Advanced Refractive Technologies, Inc. is an ophthalmology development company focused on the development and marketing of innovative ophthalmic applications that will result in faster, safer and more effective procedures in two of the largest surgical markets in the world: corrective refractive surgery and cataract surgery, as well as innovative drugs for glaucoma and age-related macula degeneration. Advanced Refractive Technologies is currently in the process of developing their Accupulse, a next generation cataract emulsifier, which utilizes the company's proprietary waterjet technology. The Accupulse cataract emulsifier, currently under development, is a device that uses pulsed waterjet technology to remove cataracts -- the most frequently performed surgical procedure in the world. For more information on Advanced Refractive Technologies, please visit its website at http://www.advancedrefractive.com
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CONTACT: Advanced Refractive Technologies, Inc.
Fax: (949) 940-1301 http://www.advancedrefractive.com/
Source: PrimeZone (August 3, 2006 - 8:01 AM EDT)